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Innovative Industrial Properties Inc key statistics and ratios

In fiscal 2025, Innovative Industrial Properties Inc had return on equity of 6.2%, an operating margin of 46.7% and debt equal to 21.3% of equity. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2017Dec 20172018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMJun 2026
Operating margin−3.5%36.1%55.8%59.7%66.2%61.4%56.4%54.6%46.7%51.4%
Net margin−1.1%47.2%52.6%56.2%55.7%55.9%53.5%52.4%44.5%52.3%
Free-cash-flow margin−14.0%106.1%100.6%94.8%92.3%84.7%82.6%83.8%74.5%—
Return on equity−0.1%4.1%5.8%6.3%7.3%8.6%8.5%8.3%6.2%7.4%
Return on assets−0.1%3.9%4.6%5.2%5.9%6.9%6.9%6.8%5.0%5.6%
Asset turnover0.080.080.090.090.110.120.130.130.110.11
Debt to equity0.0%0.0%24.6%0.0%18.2%15.0%15.2%15.4%21.3%6.8%
Interest cover (operating income ÷ interest)——4.0x9.4x7.5x9.3x10.0x9.5x6.1x5.2x
Capital spending as % of revenue92.1%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%—
Free cash flow ÷ net income—224.7%191.4%168.6%165.6%151.7%154.3%159.9%167.6%—
Dividends ÷ net income—95.1%96.2%114.8%114.9%119.1%122.4%131.1%182.9%156.6%
Dividends and buybacks ÷ free cash flow—42.3%50.3%68.1%69.4%78.6%79.3%82.0%119.3%—

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

1 of 1 checks passed · June 30, 2026
  • Short-term assets cover short-term liabilities The company doesn't report a short-term split. Not assessable.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Operating income of $136m against $26m of interest.

From Innovative Industrial Properties Inc's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

64 /100

Moderate moat

How hard Innovative Industrial Properties's competitive advantage looks for rivals to wear away, judged from 9 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 7 / 20

    Net income has been a median 5.3% of total assets over 9 years.

  • Durability 17 / 20

    Operating margin has been a median 55.1%; its worst year was 28.5%.

  • Cash conversion 20 / 20

    Free cash flow was positive in 9 of 9 years, at a median 62.9% of revenue.

  • Discipline 7 / 20

    The diluted share count rose 16.1% over five years; stock-based pay has been a median 5.3% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Compare with peers

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Figures from Innovative Industrial Properties Inc's SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Innovative Industrial Properties Inc.